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Independent research desk
Frameworks by James Lavish / Independent & unaffiliatedLast data check Fri 25 Sept 2026, 4:30 pm ET

Treasury supply

Inside the auction

Who is buying, at what yield, and how much demand is showing up? Explore Treasury auction results and compare bidder participation.

All coupons2-Year3-Year5-Year7-Year10-Year20-Year30-Year
2-Year2.36×2.54×22 Jun 2021: 2.54×26 Jul 2021: 2.47×3-Year2.36×2.54×8 Jun 2021: 2.47×12 Jul 2021: 2.41×5-Year2.36×2.54×23 Jun 2021: 2.36×7-Year2.36×2.54×24 Jun 2021: 2.36×
Bid-to-cover per auction, last 12 per term. Dashed line: trailing-12 mean. Larger dot: latest.
2-Year19 %31 %22 Jun 2021: 31 %26 Jul 2021: 26 %3-Year19 %31 %8 Jun 2021: 28 %12 Jul 2021: 29 %5-Year19 %31 %23 Jun 2021: 24 %7-Year19 %31 %24 Jun 2021: 19 %
Dealer share per auction, last 12 per term. Dashed line: trailing-12 mean. Larger dot: latest.
Auction results
DateSecuritySizeBid-to-cover12-meanDealersIndirectsHigh yieldTail
26 Jul 20212-Year Note$60 B2.47×2.81×26.0 %52.8 %0.213 %not computed
22 Jul 20214-Week Bill · reopening$40 B3.41×2.77×62.1 %28.9 %0.045 %not computed
22 Jul 20218-Week Bill · reopening$35 B4.17×2.82×59.1 %30.4 %0.045 %not computed
22 Jul 202110-Year Note (TIPS)$16 B2.50×2.44×14.3 %70.1 %−1.016 %not computed
21 Jul 2021119-Day Bill$30 B4.18×3.32×53.0 %39.8 %0.050 %not computed
21 Jul 202119-Year 10-Month Bond · reopening$24 B2.33×2.69×20.9 %60.2 %1.890 %not computed
20 Jul 202142-Day Bill · reopening$35 B3.97×2.76×54.2 %36.3 %0.045 %not computed
19 Jul 202113-Week Bill · reopening$54 B3.44×2.81×49.0 %43.1 %0.050 %not computed
19 Jul 202126-Week Bill$51 B3.50×2.91×48.1 %44.2 %0.050 %not computed
15 Jul 20214-Week Bill · reopening$40 B3.73×2.77×40.3 %54.3 %0.045 %not computed
15 Jul 20218-Week Bill · reopening$35 B3.65×2.82×54.3 %38.2 %0.050 %not computed
14 Jul 2021119-Day Bill$30 B4.00×3.32×37.8 %54.9 %0.050 %not computed
13 Jul 202142-Day Bill · reopening$35 B3.89×2.76×44.9 %49.7 %0.045 %not computed
13 Jul 202152-Week Bill$34 B3.46×3.35×49.6 %43.6 %0.075 %not computed
13 Jul 202129-Year 10-Month Bond · reopening$24 B2.19×2.40×22.3 %61.1 %2.000 %not computed
12 Jul 202113-Week Bill · reopening$54 B3.05×2.81×58.3 %35.7 %0.050 %not computed
12 Jul 202126-Week Bill$51 B3.74×2.91×32.8 %64.2 %0.050 %not computed
12 Jul 20219-Year 10-Month Note · reopening$38 B2.39×2.47×19.0 %63.5 %1.371 %not computed
12 Jul 20213-Year Note$58 B2.41×2.65×28.6 %53.2 %0.426 %not computed
8 Jul 20214-Week Bill · reopening$40 B3.37×2.77×58.0 %33.9 %0.050 %not computed
8 Jul 20218-Week Bill · reopening$40 B4.15×2.82×36.5 %57.2 %0.045 %not computed
7 Jul 2021119-Day Bill$35 B3.81×3.32×45.7 %47.2 %0.050 %not computed
6 Jul 202113-Week Bill · reopening$57 B2.92×2.81×45.1 %37.2 %0.050 %not computed
6 Jul 202142-Day Bill · reopening$40 B3.70×2.76×31.0 %49.9 %0.045 %not computed
6 Jul 202126-Week Bill$54 B3.59×2.91×33.2 %60.5 %0.050 %not computed
1 Jul 20214-Week Bill · reopening$40 B3.46×2.77×49.8 %28.4 %0.050 %not computed
1 Jul 20218-Week Bill · reopening$40 B4.46×2.82×34.6 %48.7 %0.045 %not computed
30 Jun 2021119-Day Bill$35 B4.16×3.32×57.1 %36.4 %0.050 %not computed
29 Jun 202142-Day Bill · reopening$40 B3.43×2.76×46.4 %46.7 %0.050 %not computed
28 Jun 202126-Week Bill · reopening$54 B3.60×2.91×33.0 %65.4 %0.055 %not computed
28 Jun 202113-Week Bill · reopening$57 B3.62×2.81×40.1 %50.9 %0.050 %not computed
24 Jun 20214-Week Bill · reopening$40 B3.24×2.77×47.8 %43.1 %0.045 %not computed
24 Jun 20218-Week Bill · reopening$40 B3.60×2.82×39.3 %56.2 %0.050 %not computed
24 Jun 20217-Year Note$62 B2.36×2.48×18.7 %60.0 %1.264 %not computed
23 Jun 2021119-Day Bill$35 B3.90×3.32×45.1 %47.3 %0.050 %not computed
23 Jun 20211-Year 10-Month Note (FRN) · reopening$26 B3.23×2.99×31.8 %66.3 %—not computed
23 Jun 20215-Year Note$61 B2.36×2.35×24.3 %57.6 %0.904 %not computed
22 Jun 202142-Day Bill · reopening$40 B3.06×2.76×55.3 %31.4 %0.040 %not computed
22 Jun 20212-Year Note$60 B2.54×2.81×30.9 %50.6 %0.249 %not computed
21 Jun 202113-Week Bill · reopening$57 B3.62×2.81×39.0 %54.2 %0.045 %not computed
21 Jun 202126-Week Bill$54 B3.64×2.91×28.1 %66.7 %0.055 %not computed
17 Jun 20214-Week Bill · reopening$40 B3.48×2.77×54.8 %42.0 %0.045 %not computed
17 Jun 20218-Week Bill · reopening$40 B3.92×2.82×30.0 %69.0 %0.035 %not computed
17 Jun 20214-Year 10-Month Note (TIPS) · reopening$16 B2.67×2.55×4.7 %87.3 %−1.416 %not computed
16 Jun 2021119-Day Bill$35 B3.72×3.32×46.1 %46.4 %0.035 %not computed
15 Jun 202142-Day Bill · reopening$40 B3.22×2.76×40.2 %55.0 %0.015 %not computed
15 Jun 202152-Week Bill$34 B3.19×3.35×62.6 %31.9 %0.070 %not computed
15 Jun 202119-Year 11-Month Bond · reopening$24 B2.40×2.67×17.5 %62.1 %2.120 %not computed
14 Jun 202113-Week Bill · reopening$57 B3.45×2.81×31.5 %64.4 %0.025 %not computed
14 Jun 202126-Week Bill$54 B3.32×2.91×37.9 %55.7 %0.040 %not computed
10 Jun 20214-Week Bill · reopening$40 B3.16×2.77×54.3 %39.2 %0.005 %not computed
10 Jun 20218-Week Bill · reopening$40 B2.89×2.82×59.4 %31.3 %0.020 %not computed
10 Jun 202129-Year 11-Month Bond · reopening$24 B2.29×2.42×18.0 %64.0 %2.172 %not computed
9 Jun 2021119-Day Bill$35 B3.95×3.32×37.9 %57.3 %0.030 %not computed
9 Jun 20219-Year 11-Month Note · reopening$38 B2.58×2.59×15.7 %65.0 %1.497 %not computed
8 Jun 202142-Day Bill · reopening$40 B3.12×2.76×47.9 %44.2 %0.010 %not computed
8 Jun 20213-Year Note$58 B2.47×2.65×27.6 %54.2 %0.325 %not computed
7 Jun 202113-Week Bill · reopening$57 B2.79×2.81×46.6 %44.6 %0.025 %not computed
7 Jun 202126-Week Bill$54 B3.31×2.91×41.9 %54.4 %0.040 %not computed
3 Jun 20214-Week Bill · reopening$40 B3.73×2.77×31.5 %67.3 %0.000 %not computed

Older auctions →

* entered by the editor from a press source with a citation. JSON